Hong Kong's New World Seeks Hotels IPO

By

Prudence Ho And

Yvonne Lee

March 11, 2013 4:17 a.m. ET

HONG KONG—New World Development Co., controlled by billionaire Cheng Yu-tung, plans to raise up to $1 billion by listing its hospitality assets in Hong Kong, according to people with direct knowledge of the deal.

With its listing plans, New World becomes the latest company to try to take advantage of Hong Kong's booming property and tourism...